On November 8, in a surprise decision, PM Modi announced immediate ban on currency notes of Rs.500 and Rs.1000 denominations to curb black money.

In an address to the country, he praised India’s economic growth and called for the cooperation of the people and said that he understands the difficulty citizens of the country will be having for some time due to this otherwise necessary move.

For the time being, people can exchange the notes for lower denominations at post offices and bank. The exchange is valid till November 24 only and upto Rs.4000.

To avoid panic and rush, the PM announced that government hospitals, petrol stations, crematoriums, milk booths, and railway/airline/bus counters will accept the notes of the said denominations till midnight November 11.